Governor of the Central Bank of Egypt (CBE) Tarek Amer has received a memorandum from the Cairo Chamber of Commerce requesting that the commercial and service sectors be included in the bank’s initiative to grant loans at 5% interest.
Walid Ramadan, board member of the Cairo Chamber of Commerce, said the proposal is based on recommendations put forward by the economic council for youth business, of which he is also president.
The council had submitted the proposal to the Cairo Chamber of Commerce, which in turn submitted them to the CBE governor.
The memorandum requested that the commercial and service sectors would be included in the CBE’s soft lending initiative with rapid measures to support and revitalise the Egyptian economy. This would allow the commercial sector to fulfil its obligations and continue to pay salaries.
The memorandum also requested the formation of a committee made up of representatives from the CBE, the Ministry of Trade and Industry, and the Federation of Egyptian Chambers of Commerce.
This would set the rules governing the loan scheme that guarantees the domestic demand is stimulated and national production is increased.